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Mortgage buoy sinks some homeowners in Hampton Roads (can't wait for health care)
The Virginia Pilot ^ | 8/16/10 | Josh Brown

Posted on 08/16/2010 5:26:25 PM PDT by blueyon

Michele McBeth was not behind on her house payments and never had been. But money was tight for the Norfolk elementary school teacher in 2009. She hadn't seen a raise in years, and her son would soon be starting college.

McBeth was looking for any way to relieve some of the strain on her budget, so she contacted her mortgage company to see whether it could lower her payments.

The company offered help through the U.S. Treasury Department's Making Home Affordable program, and McBeth signed on to a trial loan modification.

Now, almost a year later, McBeth is facing foreclosure.

(Excerpt) Read more at ...

TOPICS: Crime/Corruption; Government; News/Current Events; Politics/Elections
KEYWORDS: bailout; foreclosure; homeowner; obama
I do feel sorry for her but putting that aside THIS IS A VERY INTEREST PART OF THE STORY... "This wasn't how the Making Home Affordable program was supposed to work. The goal was to help people stay in their homes by modifying their mortgages and reducing their payments. But, in its haste to reach out to millions of homeowners, the government made several missteps. The rules kept changing, the calculations were complex, and many of the banks and mortgage companies tasked with implementing the program didn't fully understand it or have the staff to handle it."


1 posted on 08/16/2010 5:26:29 PM PDT by blueyon
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To: blueyon

First of all you don’t qualify for the loan mod if you are current on your mortgage. Second, the banks are a mess and don’t know which end is up.

2 posted on 08/16/2010 5:29:32 PM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: blueyon

These people don’t understand this administration and our current Congress are going to hurt them anyway they can.

3 posted on 08/16/2010 5:31:19 PM PDT by freekitty (Give me back my conservative vote; then find me a real conservative to vote for)
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To: driftdiver
you don’t qualify for the loan mod if you are current on your mortgage

Her mortgage company told her to skip two payments and then to pay less each month for her reduced mortgage. By the time they refused her mod., she was behind 3 months.

Read the article. The whole program is a cluster%$^#.

4 posted on 08/16/2010 6:17:43 PM PDT by submarinerswife (Stay focused and determined. Our destination is NOVEMBER!!)
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To: submarinerswife

read the article?! That would break a great FR tradition.

Yeah the banks are hosed. Left hand doesn’t know what the right hand is doing. In many cases they have the paperwork so screwed up they couldn’t tell a person which way to go.

5 posted on 08/16/2010 6:39:41 PM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: blueyon

Her son is starting college soon? She and her husband are struggling with their mortgage and they’re even CONSIDERING paying his college tuition?

6 posted on 08/16/2010 6:49:24 PM PDT by FrdmLvr ( VIVA la SB 1070!)
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To: blueyon

Then people who trust them will DIE.

7 posted on 08/16/2010 7:12:04 PM PDT by Mike Darancette (Socialism is the philosophy of failure, - W Churchill)
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To: FrdmLvr

You know, this is a common problem and illustrates how hard it is to cut the federal or state budgets. NO ONE wants to do with less. It is that simple. Don’t believe me? Then try this simple plan.

Cut YOUR budget 10% for the next six months. That’s right, total up what you owe and cut 10% total from your budget for just 6 months. Most folks can’t do it, or I should say WON’T do it.

I saw all this coming down 6 months before the election, and cut my budget then 20%. I have since gone back up to 15% less. The problem most people have is that they won’t stop spending money, JUST LIKE THE FREAKING GOVERNMENT.

Oh the wails of dispair, I hear whenever I mention this, but most folks I know are spending more this year than last, despite many being unemployed. Cut out a cell phone-nope can’t do it. Cut back on cable-I need my NFL. Cut back on the A/C or heater-nope. Stop eating out as much or completely-whatever. Seriously, the excuses are a coming think and heavy.

And yes, I hear some of them planning to spend for college when one or both of them are unemployed. I just shake my head. Not to sound pompous, cause I have a bankruptcy in my past years ago, but I did learn from it and never plan to go there again.

Oh yea, cut up the credit cards-sorry I might need them. So yes, I can see how most EVERYONE is in deep do do, cause almost none of us are really serious about cutting spending.

8 posted on 08/16/2010 7:55:37 PM PDT by packrat35 (I got your tag line..)
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To: blueyon

I’m from the Government and I’m here to help you! Bulls*&#!

9 posted on 08/16/2010 10:26:11 PM PDT by jackieh
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To: packrat35

Great rant! I agree with you point-for-point.

I’ve had the same experience of employees wailing that they don’t have enough to pay the rent. So, I suggest a really nice apartment with a payment less than 1/2 the one they are now in. But it’s in Pomona. “Oh, no, I wouldn’t live there; gangs (read, “other races”), blah, blah.” None of their concerns are substantially true, but Pomona isn’t beautiful suburban Fullerton. Phhht!

10 posted on 08/16/2010 10:37:04 PM PDT by Chaguito
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